THE BIGGEST WINNERFISCAL EDITION

Test Your Fiscal Fitness

Fiscal Basics

Property &Facilities

Cost Allocation

Nonfederal Share

Records &Reports

5 5 5 5 510 10 10 10 1015 15 15 15 1520 20 20 20 2025 25 25 25 25

Records and Reports5 Points

• The governing body and policy council of a grantee must receive financial reports at least how often?• Answer: once a month.

Records and Reports10 Points

• The federal financial report of cash outlays and expenditures required of all grantees is commonly referred to as the SF-_____.• Answer: SF-425.

Records and Reports15 Points

• Invoices, receipts, checks, purchase orders, contracts, time sheets and deposit slips are examples of ______ _________.• Answer: source documents

Records and Reports20 Points

• Contracts for goods and services must adequately describe the parties’ responsibilities and be ____, _______ and _______.• Answer: signed, dated and current

Records and Reports25 Points

• The three types of documentation required to support employee compensation are: _______, ______ and ______.• Answer: time sheets, payroll records

and personnel activity reports

Fiscal Basics5 Points

• The _____________ ___________ of a grantee is fiscally and legally responsible for overseeing programs, including the safeguarding of federal funds.• Answer: governing body

Fiscal Basics10 Points

• Written _________ procedures insure that goods and services are purchased through free and open competition.• Answer: procurement

Fiscal Basics15 Points

• A ___________ to ____________ comparison of expenditures is used by programs to test the accuracy of its cost assumptions.• Answer: budgeted to actual

Fiscal Basics20 Points

• Protecting grant funds by insuring that the same person does not review, authorize and pay invoices is part of what fiscal process?• Answer: internal controls

Fiscal Basics25 Points

• The annual _________________ is a rigorous organization-wide external review of the financial management and compliance of a grantee. • Answer: OMB A-133 audit

Property & Facilities5 Points

• A detailed inventory of equipment including description, identification number, source, including award number, federal share, acquisition date, cost, location and condition must be taken and reconciled with equipment records every _____ years.

• Answer: two

Property & Facilities10 Points

• Head Start-specific regulations applicable to facilities activities funded in whole or in part with grant funds are found at ___ CFR ______.• Answer: 45 CFR 1309

Property & Facilities15 Points

• For most facilities activities a notice of federal interest protecting the federal funds used for the facilities activity must be filed in __________________.• Answer: the appropriate official records for the

jurisdiction where a facility is or will be located

Property & Facilities20 Points

• Facilities activities covered by 45 CFR 1309 include ___________, _________ and ______________ funded in whole or in part with Head Start grant funds.• Answer: purchase, construction and

major renovation

Property & Facilities25 Points

• All facilities activity records must be retained for the period of ownership (or occupancy, in the case of leased facilities) plus _____ years. • Answer: three

Nonfederal Share5 Points

• If a grantee without a waiver receives $1,000,000 in federal Head Start or Early Head Start grant funds, the nonfederal share of the total grant award is _____________.• Answer: $250,000

Nonfederal Share10 Points

• All grant charges and expenditures, whether federal or nonfederal (in-kind) must meet general cost principles of _____________, _____________ and _______________. • Answer: reasonable, necessary and

allocable

Nonfederal Share15 Points

• A common basis for disallowance of claimed nonfederal share which otherwise meets the cost principles is lack of adequate _______________.• Answer: documentation

Nonfederal Share20 Points

• Lack of community resources, initial program expenses, unanticipated cost increases, disaster and community impact of program loss are bases for a ____________ of nonfederal share.• Answer: waiver

Nonfederal Share25 Points

• Rebates are classified as ____________ ___________ under the cost principles and cannot be claimed as nonfederal share.• Answer: applicable credits

Cost Allocation5 Points

• The method used by a program to insure that shared costs are charged to grants and programs in accordance with the benefit received is called a ______ ___________ ______.• Answer: cost allocation plan

Cost Allocation10 Points

• Three types of costs which are commonly shared in programs with multiple funding sources are ________, _________ and _________.• Answer: employees, facilities and

equipment

Cost Allocation15 Points

• _________ costs are necessary to the overall operation of the organization, although a relationship to a particular program or cost objective cannot be shown.• Answer: Indirect

Cost Allocation20 Points

• A grantee with multiple funding sources is not required to allocate indirect costs if it has a ____________ _________ _______ _______.• Answer: negotiated indirect cost rate

Cost Allocation25 Points

• It is never acceptable to shift costs from one funding source to another to overcome ___________ ___________.• Answer: funding deficiencies